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What is a fair tax rate for people on over $1m?


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Poll: What is a fair tax rate for people who make more than $1 Million per year in revenue? (188 member(s) have cast votes)

What is a fair tax rate for people on over $1m?

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#1 Tom

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Posted 03 July 2012 - 15:21

Inspired by a news thread I thought this could be a very interesting subject to talk about. So... what do you think a fair tax rate for people over $1m.


#2 RichardK

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Posted 03 July 2012 - 15:23

same rate as everyone else. Everyone should pay the same percentage. Just because you have more money, doesn't mean you should have to pay a bigger share of your money than everyone else. But, they should have to pay it, there should not be tax shelters or other loop holes that allows them to pay less.

#3 vetJames7

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Posted 03 July 2012 - 15:27

I think people should pay most of what they make over one million. It should be a progressive tax that helps the poor better their lot and the rich be more socially responsible. :yes:

#4 Glassed Silver

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Posted 03 July 2012 - 15:28

same rate as everyone else. Everyone should pay the same percentage. Just because you have more money, doesn't mean you should have to pay a bigger share of your money than everyone else. But, they should have to pay it, there should not be tax shelters or other loop holes that allows them to pay less.

This.

Unfortunately, our economy works in a way that fair treatment to everyone automatically hinders the non-rich people making them lose out big time.
So I'd be for a fair tax system that is equal for everyone provided pay is fair, too - based on performance, social requirements and quality of work.
Weather you're very qualified or not - doesn't matter - education is for YOU to learn how stuff works, if you figured your way yourself, so be it.
Weather you're powerful and have the say to raise your wage whilst even firing people - shouldn't fly.

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#5 Astra.Xtreme

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Posted 03 July 2012 - 15:29

same rate as everyone else. Everyone should pay the same percentage. Just because you have more money, doesn't mean you should have to pay a bigger share of your money than everyone else. But, they should have to pay it, there should not be tax shelters or other loop holes that allows them to pay less.


Agreed, but there are legitimate write-offs that everybody can take advantage of. Capital gains are taxed lower and donations are somewhat deducible.
Same applies to the lower class. Just because they don't make as much money, doesn't mean they shouldn't be paying their share in taxes.

#6 Astra.Xtreme

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Posted 03 July 2012 - 15:31

I think people should pay most of what they make over one million. It should be a progressive tax that helps the poor better their lot and the rich be more socially responsible. :yes:


No, the poor shouldn't be entitled to anything like that. You deserve what you work for. Taking from the rich and giving to the poor doesn't solve anything. Actually it makes it an incentive to be in the lower class. Very very bad idea.

#7 tHaCuBe

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Posted 03 July 2012 - 15:32

I think people should pay most of what they make over one million. It should be a progressive tax that helps the poor better their lot and the rich be more socially responsible. :yes:


think about that. if people know making over 1 million, they're going to be taxed 90-100% like you voted, what motivation would anyone have to make over 1 million? sounds great until you realize CEOs and entrepreneurs who work hard to get where they are make a lot of what we have possible. sure, they make A LOT more than the average, but why should they be forced to pay more than anyone else? I say tax them the same 35% that is in place now, but require them to pay that tax regardless of investments, etc. 35% of all income is enough for anyone to be taxed

#8 MindTrickz

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Posted 03 July 2012 - 15:34

About 20 to 25% more than the middle class... So if the middle class pay 25 to 30% then millionaires pay 50 to 55%... Although I do not believe that people should pay more than 50% of their earnings to Government.

In an ideal world it would be a flat rate tax.. but as long the system benefits power rather than actual work it will have to be like this.

#9 Glassed Silver

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Posted 03 July 2012 - 15:35

No, the poor shouldn't be entitled to anything like that. You deserve what you work for. Taking from the rich and giving to the poor doesn't solve anything. Actually it makes it an incentive to be in the lower class. Very very bad idea. [emphasis by me]


incentive to be in the lower class

incentive to be in the lower class

incentive to be in the lower class


:laugh:


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#10 BoredBozirini

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Posted 03 July 2012 - 15:37

85%

#11 Astra.Xtreme

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Posted 03 July 2012 - 15:43

incentive to be in the lower class

incentive to be in the lower class

incentive to be in the lower class


:laugh:


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Uh ok...
Lack of understanding, or arrogance?

#12 Rippleman

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Posted 03 July 2012 - 15:45

I have always thought that perhaps there should be some kind of "wall" that you hit that limits you to a certain total cash amount to you in your lifetime. $5,000,000 cash then you are out of the game. 5 million gets you anything you want. After that point, keep working if you choose but you can't make anymore. Tons of "what if's" but that is not for me to work out, was just an idea.

#13 Glassed Silver

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Posted 03 July 2012 - 15:47

Uh ok... Lack of understanding, or arrogance?

Neither ;)

It's hilarious that you genuinely think that people would favor being in the lower class, just because they get less than what they deserve from the company directly plus tax benefits or other forms of governmental support to make it "more" for "nothing". :p

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#14 SongHyeonDeok

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Posted 03 July 2012 - 15:47

Doesn't even matter either way, they'll always get avoid it.

Can't even blame 'em. Who'd want to give money to those ****s in government if they didn't have to.

#15 HSoft

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Posted 03 July 2012 - 15:48

I like the idea of a fixed tax rate for everyone but I also agree with a progressive tax rate. I do think poorer people should pay less taxes but everyone should pay some tax, get their feet in the game. As for the rich, I would say 25%, a quarter of what they earn. The biggest problem in the US is the tax code and the amount of loopholes there are. I think I read somewhere the current tax code is 12,800 pages long, that's just plain ridiculous.